The Russian ruble to the Tajik national currency, the somoni, exchange rate (RR/TJS) has dropped.
Over the past week, RR has lost almost 3.0 percent of its value against TJS. An official exchange rate of the Russian rube against the somoni set by the National bank of Tajikistan fell from 1:0.163 on December 1 to 1:0.1585 on December 8.
The exchange rate of the Russian ruble against the somoni was at this level for the last time in mid-October this year.
Meanwhile, the exchange rates of the dollar, the euro and Chinese yan to the somoni over the past week (December 1-8) have remained almost unchanged, apart from slight fluctuations in one direction or another.
On December 8, the exchange rates of the somoni against the dollar and the euro were 10.2062:1 and 10.7196:1, respectively.
The current devaluation of the Russian ruble against the somoni has apparently been caused by devaluation of the Russian ruble against the major global currencies. According to data from the Moscow Exchange, the exchange rates of the Russian ruble against the dollar and the euro on December 8 were 63:1 and 66:1, respectively. Over the first week of December, the ruble has lost more than 10 percent of its value against the dollar and the euro.
Some experts consider that the ruble is weakening against the backdrop of waiting reduction in foreign currency earnings from sale of oil in connection with setting the price ceiling.
The Council of the European Union decided on December 3 to set an oil price cap for crude oil and petroleum oils and oils obtained from bituminous minerals (CN code 2709 00) which originate in or are exported from Russia, at USD 60 per barrel.
The level of the cap was established in close cooperation with the Price Cap Coalition and became applicable as of December 5, 2022.
The price cap on Russian oil limits price surges driven by extraordinary market conditions and drastically reduces the revenues Russia has earned from oil after it launched the so-called “special military operation” in Ukraine in February. It is reportedly also expected serve to stabilize global energy prices while mitigating adverse consequences on energy supply to third countries.
Local experts note that the Tajik national currency is pegged to the ruble due to Tajikistan’s strong socio-economic dependence on Russia. The dependency has increased even more this year in connection with transfer to the use of national currencies in the bilateral trade.
It is to be noted that Russia accounts for more than 30 percent of Tajikistan’s imports. Besides, remittances sent by Tajik labor migrants from Russia to banks in Tajikistan are equal to a third of the country’s gross domestic product (GDP).
